Aby Rosen’s Lincoln Road retail building hit with foreclosure lawsuit
Wilmington Trust alleges New York developer defaulted on $15.1M in mortgage debt
Aby Rosen could lose a Lincoln Road retail building to foreclosure — if he doesn’t sell it first.
On Jan. 30, Wilmington Trust sued an entity managed by Rosen, principal of New York-based RFR Realty, for allegeding defaulting on a $15.1 million mortgage debt collateralized by the single-story building at 318-334 Lincoln Road. The complaint was filed in Miami-Dade Circuit Court.
The property is 49.7 percent leased, and tenants include Mr. Jones nightclub, Sweet Life Gelato and South Beach Munchies Latin Cafe, according to an offering memorandum from JLL. The brokerage is marketing the Lincoln Road building with an unlisted asking price.
Separately, an affiliate of the Wilmington, Delaware-based lender filed a motion in New York Supreme Court for summary judgment against Rosen and his Miami Beach-based partner Michael Fuchs, court records show. The Jan. 31 motion in lieu of complaint states Rosen and Fuchs personally guaranteed the Lincoln Road building loan and must pay $5.3 million triggered by the alleged default.
Rosen’s Lincoln Road entity allegedly missed its November and December monthly payments, the foreclosure lawsuit states.
Spokespersons for RFR Realty did not respond to email requests for comment. Wilmington Trust’s lawyers declined comment.
In 2019, Rosen’s entity paid $20.5 million for the Lincoln Road building, partially financing the purchase with a $17 million loan from Argentic Real Estate Investments, records show. The same year, Wilmington Trust acquired the mortgage from Argentic.
Recently, Rosen has focused his attention on downtown Miami, where he is planning to build a 104-story supertall mixed-use tower with 1,074 residential units, 252 hotel rooms and a 1,013-space garage. Rosen has not revealed if the units will be condos or apartments. The redevelopment site is at 130 and 136 Biscayne Boulevard and 141 Northeast Third Avenue.
In 2022, RFR paid a combined $50.8 million for most of the 2.2-acre downtown Miami assemblage that currently houses the 241-key YVE hotel and the 12-story Biscayne Office Center. The site also includes an existing parking garage that was part of RFR’s $81.1 million acquisition of 100 Biscayne, another office building.